Business Roundtable Urges Congressional Agenda to Promote Economic Growth

Cites Need for Bipartisan Consensus to Complete Unfinished Business in 2006; Pledges Cooperation on 2007 Agenda for Growth

WASHINGTON, Nov. 8 /PRNewswire/ -- Business Roundtable, representing 160 CEOs of leading American companies with $4.5 trillion in combined annual revenues and more than 10 million employees, today urged a renewed commitment to bipartisanship following the outcome of the mid-term congressional elections, calling on Congress to enact legislation that enhances the competitiveness of the U.S. economy, workers and businesses.

"Yesterday's elections remind us that the ebb and flow of power in Washington is what keeps our democracy healthy and strong," said Harold McGraw III, Chairman, President and CEO, The McGraw-Hill Companies, and Chairman of Business Roundtable. "Business Roundtable's agenda is aimed at ensuring continued economic growth -- a priority shared by Democrats and Republicans alike. We have always worked closely with leaders across both parties and look forward to continuing this tradition with the next Congress when it convenes in January."

"While the leadership in Washington may change, the challenges ahead remain the same," continued McGraw. "The call to action is clear: We must move forward immediately if America hopes to compete and win in the worldwide economy," continued McGraw.

Thursday at the Wharton School of Business in Philadelphia, McGraw will deliver a speech, "The Real World Is Neither Red Nor Blue," outlining a path forward for Congress and the business community, with a set of key policies that Business Roundtable believes must be enacted to keep the United States competitive, including:

Open Markets -- International trade and investment have been a key source of U.S. economic prosperity for more than a century. Today, the importance of international markets to U.S. business is greater than ever, with more than 26 percent of the nation's GDP represented by trade and nearly one in five U.S. jobs related to trade. As an immediate first step, Congress must approve two pending trade initiatives: permanent normal trade relations (PNTR) for Vietnam and the U.S.-Peru Trade Promotion Agreement (TPA).

A Strong Workforce -- If the U.S. is to remain the world leader in technology and innovation, we need a workforce prepared for jobs of the future. The following components of the American Competitiveness Initiative should be adopted immediately, as they offer the tools needed to ensure our children are equipped to compete, and to keep the U.S. economy strong, now and in the future.

-- Education -- Strengthen funding for K-12 math and science education
programs.

-- Immigration -- Approve provisions to remedy the crisis facing U.S.
employers of highly educated foreign nationals, including increasing
the caps on H-1B visas and employment-based green cards.

-- Basic Research -- Increase funding for basic research at the National
Science Foundation, National Institute for Standards and Technology,
and the Department of Energy Office.

-- A Sound Economic Foundation -- Congress must act to ensure that
America has a strong foundation for future economic growth by taking
action to make health care more affordable for workers and business,
as well as adopting measures designed to help keep America's fiscal
house in order and enhance our long-term competitiveness.

-- Health Care -- Health IT legislation would bring modern technology to
our health care system by establishing a nationwide, interoperable
health information technology infrastructure -- saving the average
U.S. family $2,200 annually.

-- Congress should also approve technical changes to the law governing
Health Savings Accounts (HSAs), which would fine-tune provisions to
allow HSAs to work better and offer a more viable health care coverage
option for consumers.

-- Fiscal Policy -- A permanent extension of a strengthened R&D tax
credit would enable American businesses to invest in the future with
confidence in the face of growing competition.

-- Congress should also approve the line-item veto, which would provide a
budgetary tool to help rein in federal spending and reduce the budget
deficit.

"As business leaders, we will continue to work with Congress to urge bipartisan action on the important issues that will benefit America's workers, companies and economy," said McGraw. "With the intense activity of the elections now behind us, Congress can now take immediate, concrete steps to strengthen our economy and foster continued growth when they return for their post-election session next week."

Business Roundtable (http://www.businessroundtable.org/) is an association of chief executive officers of leading U.S. companies with $4.5 trillion in annual revenues and more than 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and represent over 40 percent of all corporate income taxes paid. Collectively, they returned $112 billion in dividends to shareholders and the economy in 2005.

Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with $90 billion in annual research and development spending -- nearly half of the total private R&D spending in the U.S.

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Source: Business Roundtable

CONTACT: Jennifer Handt of Business Roundtable, +1-202-496-3288

Web site: http://www.businessroundtable.org/